Dao Securities Stated in today’s analysis (13 Feb. 2024) that Bangkok Expressway and Metro Public Company Limited or BEM Recommend buying with a target of 10.40 baht by Ridership January 2024, returning to growth compared to the previous month. After a long holiday While the expressway was stable, BEM reported electric rail passengers in January 2024 at 420,000 trips/day (13% growth compared to the same period last year, 5% growth compared to the previous month), while expressway users were at 1.11 million trips. /day (Grew 1% compared to the same period last year, and decreased 2% compared to the previous month) (Source: BEM)
The DAOL is neutral on users in January, with electric train passengers returning to expand. Compare to the previous month After a long holiday and more working days while overall expressway users remained stable.
As for the overall trend from now on, we probably estimate that electric train passengers will continue to grow. Benefits from the development of more real estate projects along the electricity line. Opening a new electric train route And the outlook for the tourism sector is better than expected, maintaining net profits in 2023/2024 at 3.2 billion baht/3.7 billion baht (33% growth compared to the same period last year and 14% growth compared to the same period last year).
Net profit for the 4th quarter of 2023 is estimated at 830 million baht (growing 38% compared to the same period last year and decreased 14% compared to the previous quarter), higher than the original estimate of 620-700 million baht, with profits expanding compared to the same period of year ago This follows the recovery of electric rail passengers, which hit a new record of 420,000 trips/day (+19% compared to the same period last year, grew 1% compared to the previous quarter) and overall expenses decreased, such as maintenance costs. expressway that has been postponed to 2024, including weak electricity prices Meanwhile, profits decreased mainly from the previous quarter. Because in the 3rd quarter of 2023 there was a total of 221 million baht in dividends from TTW.
Maintaining a “Buy” recommendation with a target price of 10.40 baht based on SOTP, although the Orange Line project still has uncertainty due to lawsuits. But such factors do not affect the forecast. It still believes that normal profits in 2024 will expand to a new record high, including catalyst from the Double Deck project and the contract to operate the Southern Purple Line in the second half of 2024.
2024-02-13 05:34:25
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